Oikocredit supports expansion of home solar in West Africa

Oikocredit supports expansion of home solar in West Africa

November 03 2016

Oikocredit has made its first renewable energy investment in West Africa by providing financing to PEG Ghana, a supplier of solar home systems to low-income and rural communities.

Oikocredit, asset manager responsAbility and solar finance specialist SunFunder are each lending USD 500,000 (EUR 437,365) to support the growth of PEG Ghana, which provides solar home systems on a pay-as-you-go basis.

PEG Ghana will use the USD 1,500,000 (EUR 1,312,095) loan to support its goal of providing off-grid solar to half a million households in West Africa by 2020.

David ten Kroode, Oikocredit’s renewable energy manager, said: “We hope to support PEG in achieving meaningful growth. Off-grid solar for improving the living standards of economically disadvantaged people is a big opportunity in Ghana and the rest of West Africa.”